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Tax

Trainee (Accounts Executive) (325 Points)

06 August 2014

I have sold the house which is in the name of my wife but the payment recieved in my bank account? ? so who is liable to pay tax on that??

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11 Replies

HARDIK THAKKAR (FINAL CA STUDENT) (132 Points)
Replied 06 August 2014

Person whose name is in the agreement.

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Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 06 August 2014

your wife will be liable to pay tax as she is the one who is responsible for transfer of property.

Noida (CA ) (598 Points)
Replied 06 August 2014

The seller in whose name agreement was made

Mihir (Wealth Manager) (5293 Points)
Replied 06 August 2014

If the property belonged to the wife, agreement was in her name, then payment too should have been gone into her own bank account. She alone will be liable to tax.

arpit aggarwal (Student CA Final ) (45 Points)
Replied 06 August 2014

Wife as the property was in her name

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Madan (Accounts Officer) (154 Points)
Replied 06 August 2014

Receiptant is not considered for taxing, your wife is liable for tax

Trainee (Accounts Executive) (325 Points)
Replied 06 August 2014

Is husband can club her income with his own income??..

Nikhil Kothari (CEO at Sequinox Business Advisories) (4671 Points)
Replied 06 August 2014

Its is taxable in the hands of wife. Even the consideration is received by husband, for the purpose of taxation, it shall be taken as Deeded Consideration in the hands of wife.

Stranger (.) (5531 Points)
Replied 07 August 2014

Originally posted by : Mihir
	If the property belonged to the wife, agreement was in her name, then payment too should have been gone into her own bank account. She alone will be liable to tax.